National Housing Bank (NHB) on receiving references from various Housing Finance Companies (HFCs) in connection with the implementation of the Indian Accounting Standards (Ind AS) has issued clarification related to implementation of the Indian Accounting Standards (Ind AS).
HFCs are required to follow the extant directions on Prudential Norms, including on asset classification, provisioning etc. issued by the NHB. With regards to the implementation of Ind AS, HFCs are advised to be guided by the extant provisions of Ind AS, including the date of implementation.
[NHB(ND)/DRS/Policy Circular No.88/2017-18]